HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.00%.

As we have mentioned last week that support for the stock lies in the zone of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 980 where channel support for the stock is positioned. During the week the stock manages to hit a low of 1042 and close around the levels of 1048.

The stock has closed around the strong support zone of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 980 where channel support for the stock is positioned.

Resistance for the stock lies in the zone of 1070 where 100 Daily SMA is positioned. If the stock manages to close above this levels then the stock can move to the levels of 1100 to 1120 where all time high for the stock is lying.

Broad range for the stock in the coming week can be 1020 – 1025 on lower side to 1065 – 1070 on upper side.